THUNDER BAY, ON, Feb. 19, 2020 /CNW/ - Wolfden Resources
Corporation (WLF.V) ("Wolfden" or
the "Company") is pleased to announce that its wholly
owned subsidiary Wolfden Mt. Chase, LLC, has submitted a rezoning
petition to the Maine Land Use Planning Commission (LUPC) in order
to rezone a 200 acre parcel on its wholly owned 6,800 acre Pickett
Mountain Project in Northern
Maine, from a General Management designation to Planned
Development. The proposed purpose and conceptual designs are
to develop a small underground base metal mine and associated
buildings and infrastructure within a small footprint. The
parcel is located approximately 10 miles Northeast of Patten, Maine, just North of State Highway 11,
where there is a very low population density between the local
towns and the proposed site.
This is the first step in a multi-agency process to review the
merits of this proposal. The zoning petition is subject to and will
be reviewed under the Commission's Chapter 12 rules. Chapter
12 requires a public hearing to be held by the Commission before a
final decision on the petition. A copy of the petition and
more information about the process is available for download from
the project-specific
webpage https://www.maine.gov/dacf/lupc/projects/wolfden/wolfden_rezoning.html and
in part, on the Company's website.
Wolfden developed its preliminary designs with a focus utilizing
the smallest possible footprint and lowest environmental
impact. The designs are based on proven and safe technologies
that have been operating successfully in similar climates and
topography for many years. Pending approval of the petition,
the Company looks forward to completing detailed baseline and
technical studies under the guidance and approvals of the Maine
Department of Environmental Protection that will be required for
any final designs and mine permitting process.
The Company presented highlights of the petition at a
recent meeting of the Commission on February
12, 2020 in Brewer Maine.
The conceptual operation includes the mining and processing of 1000
tonne per day using an onsite concentrator and dry-stack tailings
storage facility. Metallurgical results thus far have
indicated the ability to produce three separate high-quality
mineral concentrates of zinc, lead, and copper, including a
significant amount of silver and gold that will be shipped out of
state for refining. The entire process envisions a net-zero water
discharge with little to no impact to the surrounding natural
resources in all phases of the operation, including post-closure.
The studies to date indicate no net negative long term impacts to
the environment or society in the surrounding area, communities or
the State.
Based on current mineral resources* and the potential to
discover more, the conceptual operation envisions a minimum 8 year
mine life and a work force of >60 persons. The petition
also highlights the potential significant economic benefits to the
surrounding communities and the State.
About Wolfden and the Pickett Mountain Project
With the support of major investors Kinross Gold Corporation and
Altius Minerals, Wolfden plans to explore and develop its wholly
owned Pickett Mountain Project in Maine,
USA, one of the highest-grade polymetallic projects in
North America (Zn, Pb, Cu, Ag, Au)
located near excellent infrastructure and arguably has a favored
location and could be one of the most straight forward to
develop.
Pickett Mountain Mineral Resources* as at
January 7, 2019 using a 9% ZnEq
cut-off
- 2.05 Mt at 19.32% ZnEq of Indicated (9.9% Zn, 3.9% Pb, 1.4% Cu,
102 g/t Ag & 0.92 g/t Au)
- 2.03 Mt at 20.61% ZnEq of Inferred (11.0 % Zn, 4.4% lead, 1.2%
Cu, 111 g/t Ag & 0.92 g/t Au)
Upcoming Milestones
- New Drill Targets identified in late 2019 to be followed-up
with drilling in H1 2020
- Exploration programs underway to further expand resources
- Preliminary Economic Assessment planned for Q3 2020
- Approval of the rezoning petition would be a significant
milestone by 2021
- Securing additional high-grade projects and exploration drill
targets in Maine
The information in this news release has been reviewed and
approved by Don Hoy, P. Geo., SVP
Exploration, Jeremy Ouellette,
P.Eng., Vice President of Project Development and Ron Little P. Eng., President and CEO, who are
Qualified Persons' under National Instrument 43-101. The metal
prices used to determine Zinc Equivalent (ZnEq) grades are
US$1.20/pound for zinc, US$1.00/pound for lead, US$2.50/pound for copper, US$16.00/troy ounce for silver, and US$1200/troy ounce for gold. For further
information on the project, see technical report entitled "National
Instrument 43-101 Technical Report, Pickett Mountain Project
Resource Estimation Report, Penobscot
County, Maine, USA" dated January 7,
2019.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains forward-looking information
(within the meaning of applicable Canadian securities legislation)
that involves various risks and uncertainties regarding future
events. Such forward-looking information includes statements based
on current expectations involving a number of risks and
uncertainties and such forward-looking statements are not
guarantees of future performance of the Company, and include,
without limitation, statements relating to information about
future activities at the Pickett Mountain Project that include
plans to complete additional drilling and technical studies
in 2019 to support a preliminary economic assessment of an
underground mining scenario on the Project. There are
numerous risks and uncertainties that could cause actual results
and the Company's plans and objectives to differ materially from
those expressed in the forward-looking information in this news
release, including without limitation, the following risks and
uncertainties: (i) risks inherent in the mining industry; (ii)
regulatory and environmental risks; (iii) results of exploration
activities and development of mineral properties; (iv) risks
relating to the estimation of mineral resources; (v) stock market
volatility and capital market fluctuations; and (vi) general market
and industry conditions. Actual results and future events could
differ materially from those anticipated in such information. This
forward-looking information is based on estimates and opinions of
management on the date hereof and is expressly qualified by this
notice. Risks and uncertainties about the Company's business are
more fully discussed in the Company's disclosure materials filed
with the securities regulatory authorities in Canada at www.sedar.com. The Company assumes
no obligation to update any forward-looking information or to
update the reasons why actual results could differ from such
information unless required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Wolfden Resources Corporation
